Gold Prices Drop 3%, Driven by US-China Tariff Deal

Gold prices experienced a sharp decline of 3.2% as the US and China announced tariff cuts following negotiations in Geneva. This agreement, confirmed by US Treasury Secretary Scott Bessent, resulted in a brief easing of global trade tensions, leading to shifts in market sentiment. While gold lost its safe-haven status and equities saw gains, cryptocurrencies like Bitcoin and Ethereum benefited from increased risk appetite.